Rare multi-housing land sale in Minneapolis closed

MINNEAPOLIS, February 9, 2022 – JLL Capital Markets announced today that it has closed the sale of 307-317 Oak Grove St., a 0.42-acre multi-housing development site in the Loring Park neighborhood of Minneapolis, Minnesota.

JLL represented the seller, The Woman's Club of Minneapolis. The buyer is an affiliate of Linden Street Investments, which also has active investments in development properties in downtown east and the southwest suburbs.

“The Woman’s Club of Minneapolis has been proud to call the Loring Park neighborhood home since 1928,” said Gloria Sewell, the Club’s President.  “We are excited to see our former parking lot developed so that more people can enjoy our vibrant community. With JLL, we knew we had a partner who shared our vision for our neighborhood.”

Consisting of three rectangular parcels, the subject site totals approximately 17.9 thousand square feet. Located along the southern edge of Oak Grove Street at 317 Oak Grove St., the property is proximate to several neighborhood attractions, such as the Walker Art Center, the Minneapolis Sculpture Garden and the city’s largest urban park with trails reaching to the Mississippi River. The site is also within close distance to the Minneapolis CBD, including Target Corporation and the University of St. Thomas.

The JLL Capital Markets Sales and Advisory team representing the seller was led by Managing Directors Josh Talberg, Mox Gunderson, Dan Linnell and Senior Director Adam Haydon.

“This site attracted strong interest from across the region, considering its unique core location in the highly sought-after neighborhood of Loring Park,” said Talberg. “Most important, this closing represents another example of the strong demand we’re seeing from developers and capital looking to make a long-term bet on the city’s continued growth and expansion in a post-COVID world. In fact, this is our second transaction just this week in Loring Park alone, with many more opportunities to follow in the city of Minneapolis in the coming months.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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